Papertrade refers to the risk of perpetual contract attacks, and the PAPER token remains non-transferable

The synthetic perpetual contract protocol Papertrade, built on Hyperliquid, announced that its platform token PAPER will remain non-transferable due to the risk of perpetual contract attacks. The platform stated that holders of PAPER tokens obtained through trading losses can stake them to receive USDC distribution rewards.

Papertrade is a fully on-chain, user-owned synthetic perpetual contract protocol that supports up to 1000x leverage with no market impact. Currently, the platform has not disclosed a specific timeline for when the PAPER token can be transferred or sold, which means holders are temporarily unable to trade or transfer their tokens on the secondary market and can only earn rewards through staking.